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$USDCAD Bull Shift

Posted by on in FX Chart Updates
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$USDCAD Bull Shift

Further building on the bullish outside Monday and bullish outside pattern last Wednesday and we stated in our last report to clients, that we saw "bias for a bull break above 1.2563".

The break above 1.2563 sets a stronger base and further negates the previous topping structure from Q1 and April and leaves a more bullish tone for July (and Thursday).

For Today:

We see an upside bias for 1.2600; break here aims for 1.2667.

But below 1.2536 opens risk down to 1.2481.

Short/ Intermediate-term Outlook - Upside Risks:

We now see a more positive tone with the bullish threat to 1.2667.

Above here targets 1.2835, 1.3000 and 1.3064

What Changes This? Below 1.2213/09 eases bull risks; through 1.2123 signals a neutral tone, only shifting negative below 1.1915.

Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week.

A taster of the report above. To view the full USDCAD report with screencasts, levels and more, click here 
Remember, for a FREE trial of our FX and all other reports, sign up by clicking here


2 Hour USDCAD Chart


Daily USDCAD Chart


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Tagged in: CAD Forex FX NFP USDCAD

Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.

He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).

Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.

Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.



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